Oil rebounds from losses on low risk of US debt ceiling, sour crude weakens despite OPEC+ cuts
Broadly, the sentiment remains mixed as investors juggle optimism over avoidance of a US debt default with inflation data that could signal more interest rate hikes from the global central banks.
Oil prices rebounded on May 19 from losses of more than 1 per cent the previous session as investors turned cautiously optimistic over the fading risk of a US debt default. However, Middle East crude prices in Asia fell to their lowest level in months, despite OPEC+ production cuts, as Asian refiners held back the spot purchases, while China and India bought cheap Russian oil.
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